TradeLink Capital LLC Acquires Shares of 2,405 Fabrinet (NYSE:FN)

Key Points

• TradeLink Capital LLC acquired 2,405 shares of Fabrinet, valued at approximately $475,000, marking it as 13th largest position in their portfolio.
• Fabrinet recently reported better-than-expected earnings with an EPS of $2.52, surpassing the consensus estimate of $2.47 and showcasing a 19.2% revenue growth compared to the same quarter last year.
• Analysts currently hold an average rating of "Hold"** on Fabrinet shares, with a consensus price target of $261.33 following recent price objective changes from several financial institutions.

TradeLink Capital LLC bought a new position in Fabrinet (NYSE:FN - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 2,405 shares of the technology company's stock, valued at approximately $475,000. Fabrinet comprises about 2.9% of TradeLink Capital LLC's investment portfolio, making the stock its 13th largest position.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. FMR LLC grew its position in Fabrinet by 13.1% in the 4th quarter. FMR LLC now owns 2,213,887 shares of the technology company's stock worth $486,789,000 after purchasing an additional 257,164 shares during the last quarter. Wasatch Advisors LP lifted its stake in shares of Fabrinet by 47.0% in the 4th quarter. Wasatch Advisors LP now owns 1,132,636 shares of the technology company's stock worth $249,044,000 after acquiring an additional 362,064 shares during the period. Geode Capital Management LLC lifted its stake in shares of Fabrinet by 2.0% in the 4th quarter. Geode Capital Management LLC now owns 1,006,858 shares of the technology company's stock worth $221,430,000 after acquiring an additional 20,045 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Fabrinet by 1.4% in the 4th quarter. JPMorgan Chase & Co. now owns 669,459 shares of the technology company's stock worth $147,201,000 after acquiring an additional 9,058 shares during the period. Finally, Baillie Gifford & Co. lifted its stake in shares of Fabrinet by 16.5% in the 1st quarter. Baillie Gifford & Co. now owns 644,557 shares of the technology company's stock worth $127,306,000 after acquiring an additional 91,519 shares during the period. Institutional investors own 97.38% of the company's stock.

Analyst Ratings Changes

FN has been the subject of several recent research reports. Barclays set a $234.00 target price on shares of Fabrinet and gave the company an "equal weight" rating in a research note on Tuesday, May 6th. Rosenblatt Securities increased their target price on shares of Fabrinet from $250.00 to $290.00 and gave the company a "buy" rating in a research note on Thursday, June 12th. Wolfe Research initiated coverage on shares of Fabrinet in a research note on Tuesday, July 8th. They set a "peer perform" rating for the company. B. Riley raised shares of Fabrinet from a "sell" rating to a "neutral" rating and cut their target price for the company from $178.00 to $176.00 in a research note on Friday, April 4th. Finally, Needham & Company LLC reissued a "buy" rating and set a $280.00 target price on shares of Fabrinet in a research note on Tuesday, May 6th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $261.33.

Fabrinet Stock Performance

Shares of NYSE:FN traded down $8.62 during mid-day trading on Friday, hitting $315.12. The stock had a trading volume of 561,507 shares, compared to its average volume of 712,227. The company has a market cap of $11.29 billion, a PE ratio of 35.09 and a beta of 1.04. Fabrinet has a 12-month low of $148.55 and a 12-month high of $332.61. The company's 50 day moving average is $275.16 and its 200-day moving average is $232.87.

Fabrinet (NYSE:FN - Get Free Report) last issued its quarterly earnings results on Monday, May 5th. The technology company reported $2.52 EPS for the quarter, beating the consensus estimate of $2.47 by $0.05. The business had revenue of $871.80 million during the quarter, compared to the consensus estimate of $857.12 million. Fabrinet had a net margin of 10.00% and a return on equity of 17.99%. The firm's quarterly revenue was up 19.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.39 EPS. On average, equities research analysts predict that Fabrinet will post 9.4 EPS for the current fiscal year.

Insider Activity at Fabrinet

In other Fabrinet news, COO Harpal Gill sold 18,675 shares of the company's stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $240.00, for a total value of $4,482,000.00. Following the transaction, the chief operating officer owned 18,068 shares in the company, valued at approximately $4,336,320. This represents a 50.83% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Rollance E. Olson sold 2,500 shares of the company's stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $223.98, for a total transaction of $559,950.00. Following the completion of the transaction, the director owned 23,201 shares in the company, valued at approximately $5,196,559.98. This represents a 9.73% decrease in their position. The disclosure for this sale can be found here. 0.38% of the stock is currently owned by corporate insiders.

Fabrinet Profile

Fabrinet provides optical packaging and precision optical, electro-mechanical, and electronic manufacturing services in North America, the Asia-Pacific, and Europe. The company offers a range of advanced optical and electro-mechanical capabilities in the manufacturing process, including process design and engineering, supply chain management, manufacturing, printed circuit board assembly, advanced packaging, integration, final assembly, and testing.